Final answer:
A traditional society is characterized by an economy based on subsistence agriculture and traditional methods, with little economic progress or technological innovation, as outlined by Walt Rostow.
Step-by-step explanation:
According to economist Walt Rostow and other scholars, a traditional society is characterized by limited technology and is largely based on subsistence agriculture. Rostow's model of economic development describes the traditional society as stage 1, where the economy is dominated by agriculture, and production is based on pre-scientific understandings of the environment. In these societies, economic activities are organized by tradition, with occupations staying within families and little emphasis on economic progress or technological innovation.
Societies with traditional economies are often found in parts of Asia, Africa, and South America. Their economic system is the oldest and is deeply rooted in tradition, with most families involved in farming using traditional methods. These societies produce primarily for their own consumption, rather than for trade or profit. Because tradition dictates the way of life, there is minimal economic development or change over time.